New regulations on tax, benefits, wages and more will impact the personal finances of everyone in the UK next year. Throughout 2025, a series of changes will be implemented, leading to increased bills for some and savings for others. Household bills predicted to rise over the year include energy bills, water bills and the TV licence fee. The cost of bus travel will increase when a new fare cap is introduced, and train ticket prices will go up in March.
Conversely, individuals who receive benefits from the Department for Work and Pensions (DWP) or HM Revenue and Customs (HMRC) will see their payments rise from April. Changes to Universal Credit rules and the earnings threshold for Carers Allowance will also affect some claimants. Savers with Premium Bonds will experience a less generous prize rate at the start of the year. Meanwhile, more first-time buyers will face paying stamp duty when the rules alter later this year, reports the Manchester Evening News. Energy bills are set to increase as a new price cap comes into effect - January 1 From January 1, household energy bills are due to rise again. Ofgem confirmed the price cap will increase by 1.2 per cent in the new year. The regulator has announced that the typical bill for a household in England, Scotland and Wales will see an increase of just over £20 per year, taking the average annual bill from £1,717 to £1,738, or an increase of roughly £1.75 per month. This comes after the price cap rose by 10 per cent in October. Ofgem is encouraging customers to capitalise on the growing choice among suppliers and hunt for the best deal to help keep their bills low, stating that households could pocket savings of up to £140 by shopping around for different tariffs. The latest price cap is 10 per cent or £190 lower than it was a year ago, and 57.2 per cent or £2,321 less than during the energy crisis, which was sparked by Russia's invasion of Ukraine in February 202